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Climate Change And Economic Opportunities In South Asia – IMPRI Impact And Policy Research Institute

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Climate Change and Economic Opportunites in South Asia

Session Report
Mansi Garg

Introduction

In a world where the profound challenges posed by climate change cast a long shadow over our future, the wisdom and expertise of scholars like Professor Joyashree Roy become invaluable. Professor Roy, holding the prestigious Bangabandhu Chair Professorship and serving as the Director of the Centre on South and South East Asia Multidisciplinary Applied Research Network at the Asian Institute of Technology (AIT) in Thailand, offers a sweeping and insightful perspective on the complex interplay between climate change and the economic opportunities that emerge within the dynamic region of South Asia.

The Framework for Resilience to Climate Change

At the heart of Professor Roy’s discourse lies a conceptual framework that lays bare the importance of considering five distinct forms of capital investment to enhance well-being and resilience in the face of climate change. These five pillars—physical capital, human capital, social capital, natural capital, and knowledge capital—form the bedrock upon which resilience is built. Professor Roy’s emphasis on balance among these various forms of capital investment underpins her call for sustainable development.

Global Commitments: Guiding the Way

Professor Roy meticulously highlights the guiding influence of global commitments and operational frameworks such as the Millennium Development Goals, Sustainable Development Goals, Sendai Framework, and COP 21 agreements. These commitments serve as navigational beacons, shedding light on the path toward safeguarding the five capitals and facilitating genuine investment for developmental progress. In this light, Professor Roy underscores the importance of acknowledging the rapid economic growth within South Asia and the urgent necessity to unearth novel investment prospects while simultaneously reducing greenhouse gas emissions.

The Pursuit of the Triple Win

A central theme throughout Professor Roy’s discussion is the concept of the “triple win,” an ideal wherein developmental projects harmoniously benefit the environment, society, and the economy. This ideal resonates profoundly with the findings of the IPCC 6th assessment report, which teems with opportunities spanning various sectors. These sectors, including energy, land use, industry, urban planning, transportation, and service delivery, hold the potential for significant emission reductions by 2030 while concurrently advancing development goals.

A Shifting Energy Landscape

Delving deeper into the discourse, Professor Roy illuminates the dynamic landscape of the energy sector. Here, renewable sources like solar photovoltaics and onshore wind emerge as cost-competitive alternatives, ushering in a new era of economic opportunities for forward-thinking early adopters. Her advocacy for a comprehensive approach that explores both supply-side and demand-side solutions reveals numerous avenues for emission reduction and resilience enhancement.

Infrastructure, Technology, and Behavior: The Key Drivers

The narrative further unfolds to underscore the pivotal role of infrastructure, technology, and behavioral changes across a spectrum of sectors, encompassing industry, agriculture, transportation, and building design. Professor Roy emphasizes that these transformative changes must not be confined to individual sectors but necessitate a multifaceted approach. This approach combines infrastructure investments, technological innovations, and market incentives to drive enduring, sustainable change.

Electrification: Efficiency and Sustainability

Furthermore, Professor Roy introduces the concept of electrification as an efficient means of providing services while simultaneously reducing emissions. She brings to light the potential synergies between electrification and sustainable development goals, demonstrating how specific strategies can be meticulously tailored to address the unique challenges and opportunities experienced by different countries and regions, with Bangladesh serving as a prime example.

Resilience: A Critical Component

In addition to the compelling argument for emission reduction, Professor Roy places strong emphasis on resilience-building, particularly in sectors highly exposed to climate-related risks. Agriculture, energy, and tourism are brought into the spotlight, as she advocates for a comprehensive systems approach. This approach considers production, distribution, and delivery mechanisms, ensuring nutrition security, reducing market volatility, and aligning with sustainable development goals.

The Foundations of Informed Decision-Making

Professor Roy’s discussion culminates with a reflection on the foundations of informed decision-making. Trustworthy governance, reliable data, critical infrastructure, and comprehensive knowledge about vulnerable populations emerge as indispensable elements. She highlights the paramount importance of partnerships among governments, international organizations, civil society, and the private sector. These partnerships are instrumental in catalyzing collaborative actions that bolster economies and ensure sustainability.

Financial Viability and Global Funds

In the realm of financing climate initiatives, Professor Roy underscores the presence of substantial global funds, exemplified by the sizable stimulus packages deployed during the pandemic. She makes a compelling argument for regional demand and cooperation, citing their effectiveness in securing funds for projects aligned with the objectives of the Paris Agreement.

The Power of Regional Collaboration

Finally, Professor Roy underscores the immense significance of regional cooperation. Whether through data sharing, scientific collaboration, or knowledge exchange, the collective efforts of regions like the Hindu Kush Himalaya exemplify the vital role of collaboration in addressing unique challenges and advancing sustainability on a global scale.

Conclusion

In conclusion, Professor Joyashree Roy’s extensive discussion offers a profound and panoramic understanding of climate change, economic opportunities, and resilience-building in South Asia and beyond. Her insights serve as a guiding light, inspiring collective action, innovation, and cooperation among nations as they navigate the intricate terrain of climate change while steadfastly pursuing sustainable development. In a world increasingly defined by interdependence, her wisdom resonates as a call for united efforts in the face of an existential global challenge.

Acknowledgement: Mansi Garg is a research intern at IMPRI

Posted By: Riya Rajvanshi is a research intern at IMPRI

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IMPRI, a startup research think tank, is a platform for pro-active, independent, non-partisan and policy-based research. It contributes to debates and deliberations for action-based solutions to a host of strategic issues. IMPRI is committed to democracy, mobilization and community building.

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